Operational Update

RNS Number : 4843Z

Savannah Petroleum PLC

15 March 2017

 

15 March 2017

Savannah Petroleum PLC

("Savannah" or the "Company")

Operational Update

Savannah Petroleum PLC ("Savannah") is pleased to provide an update on its operations in Niger.

Drilling Rig Letter of Award and Order of Long Lead Items

The Company confirms that it has signed a Letter of Award ("Letter" or "LoA") with Great Wall Drilling Company Niger SARL for GWDC Rig 89.  The Letter provides for a programme of three firm wells, and includes options for a further six wells which can be exercised at Savannah's discretion.  The rig is already in Niger, and drilling operations are expected to commence during the first half of this year. 

Savannah is also pleased to announce that purchase orders have been issued for certain well-related long lead items (including casing and wellheads) which are required for its upcoming drilling campaign in the Agadem Rift Basin onshore Niger. 

Further details in relation to the drilling programme will be announced in due course.

R3 3D Seismic Acquisition

Following the completion of 3D seismic acquisition over a c.800km² portion of the R3 license area, demobilisation of the camp and crew has now concluded.  Processing is ongoing, with excellent data quality, and fast track results are expected by the end of Q1 2017.

For further information contact:
Savannah Petroleum	[phone]
Andrew Knott, CEO
Jessica Hostage, Corporate Communications
Strand Hanson (Nominated Adviser)	[phone]
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud (Joint Broker)	[phone]
Peter Krens
Rory Scott
Stifel Nicolaus Europe Limited (Joint Broker)	[phone]
Callum Stewart Nicholas Rhodes
Ashton Clanfield
Celicourt Communications	[phone]
Mark Antelme
Jimmy Lea

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

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